Slides
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Second Quarter of Fiscal Year 2026 America’s Coffee
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2 DISCLAIMER Forward-Looking Statements This presentation contains forward-looking statements about BRC Inc. (the “Company,” “we,” “us,” and “our”) and its industry that involve substantial risks and uncertainties. All statements other than statements of historical fact contained in this presentation, including statements regarding the Company’s intentions, beliefs or current expectations concerning, among other things, the Company’s financial condition, liquidity, prospects, growth, strategies, future market conditions, developments in the capital and credit markets and expected future financial performance, as well as any information concerning possible or assumed future results of operations, are forward-looking statements. In some cases, you can identify forward-looking statements because they contain words such as “anticipate,” “believe,” “continue,” “could,” “estimate,” “expect,” “intend,” “may,” “might,” “plan,” “possible,” “potential,” “predict,” “project,” “should,” “will,” “would” and similar expressions, but the absence of these words does not mean that a statement is not forward-looking. The events and circumstances reflected in the Company’s forward-looking statements may not be achieved or occur and actual results could differ materially from those projected in the forward-looking statements. Factors that may cause such forward-looking statements to differ from actual results include, but are not limited to: competition and our ability to grow, manage sustainable expansion, and retain key employees; failure to compete effectively with other producers, distributors and retailers of coffee and energy drinks; our limited operating history, which may hinder the successful execution of strategic initiatives and make it difficult to assess future risks and challenges; challenges in managing rapid growth, inventory needs, and relationships with key business partners; inability to raise additional capital necessary for business development; failure to achieve or sustain long-term profitability; inability to effectively manage debt obligations; failure to maximize the value of assets received through bartering transactions; negative publicity affecting our brand, reputation, or that of key employees; failure to uphold our position as a supportive member of the Veteran, military and first-responder communities, or other factors negatively affecting brand perception; inability to establish and maintain strong brand recognition through intellectual property or other means; shifts in consumer spending, lack of interest in new products or changes in brand perception upon evolving consumer preferences and tastes, including due to shifts in demographic or health and wellness trends, reduction in discretionary spending and price increases, and our ability to anticipate or react to these changes; price changes that are insufficient to offset cost increases; unsuccessful marketing campaigns that incur costs without attracting new customers or realizing higher revenue; failure to attract new customers or retain existing customers; risks associated with reliance on social media platforms, including dependence on third-party platforms for marketing and engagement; variable performance of the direct to consumer revenue channel; inability to effectively manage or scale distribution through Wholesale business partners, particularly key Wholesale partners; failure to manage supply chain operations effectively, including inaccurate forecasting of raw material and co-manufacturing requirements; loss of one or more co-manufacturers or production delays, quality issues, or labor-related disruptions affecting manufacturing output; supply chain disruptions or failures by third-party suppliers and logistics service-providers to deliver coffee, store supplies, RTD beverage ingredients, or merchandise, including disruptions caused by external factors; ongoing risks related to supply chain volatility and reliability, including tariffs, as well as political and climate risks; fluctuations in the market for high-quality coffee beans and other key commodities; unpredictable changes in the cost and availability of labor, raw materials, equipment, transportation, or shipping; failure to successfully improve profitability of existing Outposts, including challenges or delays with the implementation of operational and strategic changes; risks related to long-term, non-cancelable lease obligations and other real estate-related concerns; inability of franchise partners to successfully operate and manage their franchise locations; failure to maintain high-quality customer experiences for retail partners and end users, including production defects or issues caused by co-manufacturers that negatively impact product quality and brand reputation; failure to comply with food safety regulations or maintain product quality standards; difficulties in successfully expanding into new markets; failure to comply with federal, state, and local laws and regulations, or inability to prevail in civil litigation matters; risks related to potential unionization of employees; failure to execute our operational improvement plan to reduce costs and improve efficiency of certain company-wide functions; failure to protect against cybersecurity threats, software vulnerabilities, or hardware security risks; volatility in the trading prices of our Class A Common Stock; and other risks and uncertainties indicated in our Annual Report on Form 10-K for the year ended December 31, 2025 filed with the Securities and Exchange Commission (the “SEC”) on March 2, 2026 including those set forth under “Item 1A. Risk Factors” included therein, as well as in our other filings with the SEC. Such forward-looking statements are based on information available as of the date of this presentation and the Company’s current beliefs and expectations concerning future developments and their effects on the Company, and speak only as of the date hereof. Because forward-looking statements are inherently subject to risks and uncertainties, some of which cannot be predicted or quantified, you should notplace undue reliance on these forward-looking statements as predictions of future events. Although the Company believes that it has a reasonable basis for each forward-looking statement contained in this presentation, the Company cannot guarantee that the future results, growth, performance or events or circumstances reflected in these forward-looking statements will be achieved or occur at all. The Company does not undertake any obligation to update or revise any forward-looking statements, whether as a result of new information, future events or otherwise, except as may be required under applicable securities laws. Non-GAAP Financial Measures To evaluate the performance of our business, we rely on both our results of operations recorded in accordance with generally accepted accounting principles in the United States ("GAAP") and certain non-GAAP financial measures, including EBITDA, Adjusted EBITDA, Adjusted Gross Profit, Adjusted Operating Expenses, Free Cash Flow and Net Leverage Ratio. These measures, as defined below, are not defined or calculated under principles, standards or rules that comprise GAAP. Accordingly, the non-GAAP financial measures we use and refer to should not be viewed as a substitute for performance measures derived in accordance with GAAP. Our definitions of EBITDA, Adjusted EBITDA, Adjusted Gross Profit, Adjusted Operating Expenses, Free Cash Flow and Net Leverage Ratiodescribed below are specific to our business and you should not assume that they are comparable to similarly titled financial measures of other companies. Further information relevant to the interpretation of non-GAAP financial measures, and reconciliations of these non-GAAP financial measures to the most comparable GAAP measures may be found in Slides 25-28 of this presentation. We define EBITDA as net income (loss) before interest, tax expense, depreciation and amortization expense. We define AdjustedEBITDA as EBITDA adjusted for equity-based compensation, write-off of site development costs, non-routine legal expenses and restructuring fees and related costs. For the third and fourth quarters of 2025, Adjusted EBITDA also reflects adjustments for the gain on the sale of property, losses on impairment of certain assets, transaction expenses and contract termination costs, none of which occurred in the first six months of 2026 or 2025. We define Adjusted Gross Profit as gross profit adjusted for depreciation and amortization and restructuring fees and related costs. We define Adjusted Operating Expenses as Operating Expenses adjusted for depreciation and amortization, equity-based compensation, write-off of site development costs, non-routine legal expenses and restructuring fees and related costs. We define Free Cash Flow as net cash provided by (used in) operating activities adjusted for purchases of property, plant and equipment. We define Net Leverage Ratio as total principal amounts of debt less cash and cash equivalents, divided by Adjusted EBITDA. When used in conjunction with GAAP financial measures, we believe that EBITDA, Adjusted EBITDA, Adjusted Gross Profit, Adjusted Operating Expenses, Free Cash Flow and Net Leverage Ratio are useful supplemental measures of operating performance and liquidity because these measures facilitate comparisons of historical performance by excluding non-cash items such as equity-based compensation and other amounts not directly attributable to our primary operations, such as write-off of site development costs, non-routine legal expenses and restructuring fees and related costs. Adjusted EBITDA is also a key metric used internally by our management to evaluate performance and develop internal budgets and forecasts. Non-GAAP financial measures have limitations as an analytical tool and should not be considered in isolation or as a substitute for analyzing our results as reported under GAAP and may not provide a complete understanding of our operating results as a whole. Some of these limitations are (i) they do not reflect changes in, or cash requirements for, our working capital needs, (ii) they do not reflect our interest expense or the cash requirements necessary to service interest or principal payments on our debt, (iii) they do not reflect our tax expense or the cash requirements to pay our taxes, (iv) they do not reflect historical capital expenditures or future requirements for capital expenditures or contractual commitments, (v) although equity-based compensation expenses are non-cash charges, we rely on equity compensation to compensate and incentivize employees, directors and certain consultants, and we may continue to do so in the future and (vi) although depreciation, amortization and impairments are non-cash charges, the assets being depreciated and amortized will often have to be replaced in the future, and these non-GAAP measures do not reflect any cash requirements for such replacements. Forward Looking Non-GAAP Financial Measures This presentation also includes certain forward-looking non-GAAP financial measures, specifically Adjusted EBITDA. We have not reconciled forward-looking Adjusted EBITDA to its most directly comparable GAAP measure, net income (loss), in reliance on the unreasonable efforts exception provided under Item 10(e)(1)(i)(B) of Regulation S-K. We cannot predict with reasonable certainty the ultimate outcome of certain components of such reconciliation, including market-related assumptions that are not within our control, or others that may arise, without unreasonable effort. For these reasons, we areunable to assess the probable significance of the unavailable information, which could materially impact the amount of future net income (loss). See “Non-GAAP Financial Measures” for additional important information regarding Adjusted EBITDA.
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3 Evan Hafer Executive Chairman Chris Mondzelewski President and Chief Executive Officer Matthew Amigh Chief Financial Officer Matt McGinley VP Investor Relations TODAY’S SPEAKERS 3 “Our second quarter performance reflects continued execution against the priorities we established for 2026 and the strength of our core coffee business. Expanded distribution and increased shelf presence drove strong Wholesale growth as part of our land-and-expand strategy, while Direct-to-Consumer delivered its strongest year-over-year growth rate in more than four years. Our programming around America’s 250th anniversary has been in market since the beginning of the year and ramped up throughout the second quarter. These efforts give us a timely way to reach more consumers, reinforce the values that define BRCC and expand our support for veterans, service members and first responders.” - Chris Mondzelewski, President and CEO
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4 Wholesale Revenue $70.6 million up $9.3M or 15.2% YoY 2026 SECOND QUARTER HIGHLIGHTS Net Revenue $107.0 million up 12.8% or $12.2M YoY Revenue Adjusted EBITDA1 $6.3 million up $3.9M or 164% YoY Wholesale Revenue Gross Margin of 34.1% compared to 33.9% in Q2 2025 Gross Margin 1 Refer to slide 25 for a reconciliation of ”Adjusted EBITDA” Profitability
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Channel Highlights
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6 77% 84% 100% 100% 2023 2024 2025 YTD 2026 OUTPACING THE COFFEE CATEGORY THROUGH DISTRIBUTION AND VELOCITY GAINS 32.5% 28.2% 12.3% 9.9% L52W Q2 2026 Black Rifle Coffee Coffee Category BRCC Velocity as % of Category PACKAGED COFFEE RETAIL SALES GROWTH1 BAGGED COFFEE VELOCITY2 1. Nielsen IQ: Total Packaged Coffee, Total US xAOC 2. Nielsen IQ: Bagged Coffee, Total US Food (Grocery), “Velocity” = Units / Item / Store Wks Selling Distribution gains are driving outsized retail growth Despite a price premium, BRCC reached category-level velocity in 2025
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7 “LAND & EXPAND” STRATEGY A PROVEN, SCALABLE GROWTH ENGINE 1. Nielsen IQ: Total Packaged Coffee, Total US Food & Total US xAOC, 4-Week periods ending closest to each Quarter's end-date 2. Nielsen IQ: Total Packaged Coffee, Total US Food (Grocery), Average Items Carried 25.8 38.6 53.9 56.5 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 ACV % 2022 2023 2024 2025 DISTRIBUTION REACH - %ACV1 ASSORTMENT DEPTH – AVERAGE ITEMS CARRIED2 LAND: Strong ACV trajectory with further retail door expansion opportunity ahead EXPAND: Strong on-shelf performance driving broader item expansion 2026 1 2 3 4 5 6 3Q23 4Q23 1Q24 2Q24 3Q24 4Q24 1Q25 2Q25 3Q25 4Q25 1Q26 2Q26
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8 38.7% 32.5% 17.5% 9.1% 5.9% 5.6% 1.4% 1.0% (1.0)% (3.0)% (4.6)% UNIT DRIVEN GROWTH REFLECTS REAL CONSUMER DEMAND BRCC’s branding and focus on quality products have driven outsized growth compared to legacy brands PACKAGED COFFEE RETAIL SALES 594 Annual Retail Sales ($ millions)1 229 254 4832,246 1,976 355662 491880 74 BRCC Stands Out for Unit Growth in a Price-Driven Category Unit Growth3 13.7% 16.6% (5.5)% (4.4)% (9.5)% (19.4)% (7.4)% (14.0)% (11.4)% (13.8)% (11.0)% Pricing Growth4 22.1% 13.6% 24.3% 14.0% 17.0% 31.0% 9.5% 17.4% 11.7% 12.6% 7.1% Retail Sales Growth – L522 1. Nielsen IQ, Total US xAOC, Dollar Sales, Total Packaged Coffee Sales, L52 through 6/27/2026 2. Nielsen IQ, Total US xAOC, % Change in Dollar Sales, Total Packaged Coffee Sales, L52 through 6/27/2026 3. Nielsen IQ, Total US xAOC, EQ % Change, Total Packaged Coffee Sales, L52 through 6/27/2026 4. Nielsen IQ, Total US xAOC, Average EQ % Price Change, Total Packaged Coffee Sales, L52 through 6/27/2026
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9 DTC CHANNEL EVOLUTION: MARKETPLACE-ENABLED GROWTH, BRCC.COM RETENTION Driving DTC growth by acquiring customers through marketplaces and retaining them on BRCC.com +13.6% Total DTC YoY Growth Q2 3rd Consecutive Quarter of YoY DTC Growth BRCC.COM — STRATEGIC ROLE MARKETPLACE — SCALING THE MODEL • Core platform for subscriptions and loyal customers • Home base for our most passionate consumers and exclusive offerings • Supports pricing discipline and margin expansion • Performance reflects intentional mix optimization • Expands reach by meeting customers where they shop • Growth is incremental, not cannibalistic • Mirrors proven “land and expand” omnichannel model • Lower-friction entry point driving customer acquisition, brand awareness, repeat purchase MARKETPLACE (ACQUIRE) BRCC.COM (RETAIN) DTC OUTCOME (SCALE) +90% Marketplace YoY Growth Q2
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10 CHANNEL EXPANSION: SIZING THE MARKETPLACE, MASS & GROCERY OPPORTUNITY Purchasing patterns differ by channel — pod/bag mix and pack size vary across marketplace, mass, and grocery LARGE ONLINE MARKETPLACE1 ~$4.0B annual coffee sales CATEGORY MIX4 70% 30% ● Pods ● Bags Pod-skewed sales; heavily weighted to the largest pack sizes BRCC MARKET SHARE 1.9% Bags 1.2% Pods LARGE MASS RETAILER2 ~$4.0B annual coffee sales CATEGORY MIX4 70% 30% ● Pods ● Bags Pod-led; skewed to larger 22/24-count packs vs. grocery's 10/12-count BRCC MARKET SHARE 9.7% Bags 5.0% Pods GROCERY3 ~$6.8B annual coffee sales CATEGORY MIX4 50% 50% ● Pods ● Bags Even pod & bag split; grocery buyers still anchor to bagged coffee BRCC MARKET SHARE 1.6% Bags 1.0% Pods Category penetration is strongest at our largest Mass Retailer, but BRCC's low-single-digit share signals significant potential runway in online marketplaces and grocery. 1. Stackline, Large Online Marketplace, Dollar Sales, Total Packaged Coffee Sales, L52 through 6/30/2026; BRCC market share reflects June 2026. Bagged coffee market share is measured across the “Ground Coffee” and “Whole Bean Coffee” categories. 2. Nielsen IQ, Large Mass Retailer, Dollar Sales, Total Packaged Coffee Sales, L52 through 6/27/2026; BRCC Market Share is 5 w/e 6/27/26 3. Nielsen IQ, Total US Food (Grocery), Dollar Sales, Total Packaged Coffee Sales, L52 through 6/27/2026; BRCC Market Share i s 5 w/e 6/27/26 4. Category mix reflects the split between bagged coffee and pods only and excludes instant coffee, canisters, and other form ats.
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11 RTD & ENERGY: WIN PROFITABLE DOORS, BUILD NETWORK SCALE Prioritize high-return doors where the brand is strongest to turn distribution into profitable scale READY-TO-DRINK COFFEE ENERGY 22,000+ Total Retail Doors2 21% ACV — xAOC + C-Store2 EARLY LAUNCH — PROTECT ROI • Energy extends a fiercely loyal customer base into a fast-growing, high-frequency category • Strong initial shelf presence across food and convenience • Concentrate on the highest-velocity, most profitable doors; prune slow placements to protect launch-stage economics Win profitable doors in high-return markets — turning distribution into profitable network scale across RTD and Energy. (3.5%) (1.0%) (5.2%)(4.6%) 6.1% (10.5%) xAOC Grocery C-Store L52 $ % Change by Channel1 Category BRCC 1. Nielsen IQ: Total US xAOC + Conv, Total US Food (Grocery), Total US Convenience, $ % Chg YA, L52 – w/e 6/27/26 2. Nielsen IQ: Total US xAOC + Conv, AMJ 26 – w/e 6/27/26 Trends softest in C-Store — focus on profitable doors
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Operational Performance & Financial Results
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13 $94.8 $107.0 Q2 2025 Q2 2026 QUARTERLY FINANCIALS 13% 33.9% 34.1% Q2 2025 Q2 2026 15 bps NET REVENUE GROSS MARGINWHOLESALE REVENUE MIX2 ADJUSTED EBITDA1 64.7% 66.0% Q2 2025 Q2 2026 $ millions $2.4 $6.3 Q2 2025 Q2 2026 164% 135 bps 1. 1. Refer to slide 25 for a reconciliation of “Adjusted EBITDA” 2. 2. Wholesale Revenue Mix defined as Wholesale Revenue as a percentage of Net Revenue
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14 $1.75 $2.00 $2.25 $2.50 $2.75 $3.00 $3.25 $3.50 $3.75 $4.00 $4.25 Mar-24 Jun-24 Sep-24 Dec-24 Mar-25 Jun-25 Sep-25 Dec-25 Mar-26 Jun-26 Sep-26 Dec-26 Mar-27 Jun-27 Sep-27 Dec-27 Mar-28 Jun-28 Coffee Spot Price Futures GROSS MARGIN PRESSURE EASING; LONG-TERM EXPANSION LEVERS REMAIN Coffee inflation created near-term pressure, but controllable levers support margin normalization. (1.1)% 0.8% 0.4% 34.1%33.9% Q2 2025 Gross Margin Coffee Inflation, Net of Pricing Cycling Extract Write-Down Productivity & Mix Q2 2026 Gross Margin Q2 Gross Margin Bridge Coffee Spot Pricing & Futures Curve1 1. ICE Futures U.S. Arabica (KC) spot and futures price as of 7/23/26. Futures curve reflects active contract settlement prices. 2. Potential benefit of 100 bps assumes a long-term coffee spot price of $2.50/lb; forward-looking and subject to market volatility. Does not reflect existing hedges, contracted purchases, or actual realized costs, which may differ materially. 34.6% 2025 Gross Margin Accretive Mix Trade Spend Efficiency Productivity Green Coffee Futures Curve Long-Term Target Long-Term Gross Margin Expansion Levers ~1% ~1% ~2% ~1% 40% 2
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15 $4.3 $(0.4) $6.3 $2.4 Q2 2025 Adj. EBITDA Adj. Gross Profit Adj. Operating Expenses Q2 2026 Adj. EBITDA Q2 Adjusted EBITDA Bridge 1 5.9% EBITDA Margin GROSS PROFIT GROWTH DRIVES ADJUSTED EBITDA; OPEX LEVERAGE EXPANDS MARGIN Focus remains on operational efficiency through disciplined cost management Prioritizing Highest- Return Initiatives Aligned Headcount with FDM Focus Mix Between Channels and Products Focused Margin Improvement Initiatives $ millions 1 Refer to slide 25 for a reconciliation of ”Adjusted EBITDA” 2 Refer to slide 26 for a reconciliation of “Adjusted Gross Profit” and “Adjusted Operating Expenses” 11 2 2 2.5% EBITDA Margin
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Outlook
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17 2026 FINANCIAL GUIDANCE Net Revenues Gross Margin Adjusted EBITDA At least 8% Growth Compared to 2025 34 to 36% Expected Gross Margin Range At least 35% Growth Compared to 2025 • Implies at least $430 million of revenue in 2026, compared to $398.3 million in 2025 • 2026 gross margin expected in the 34% to 36% range, compared to 34.6% in 2025 • Expected benefits: pricing actions, productivity initiatives, and favorable mix • Expected offsets: input cost inflation (green coffee, aluminum, co- manufacturing), increased trade and slotting investment, and residual impacts from 2025 tariffs • Implies Adjusted EBITDA of at least ~$29 million in 2026, compared to $21.4 million in 2025 • Revenue growth is expected to drive higher gross profit dollars, with gross margin % broadly in line with 2025 • Benefits from the 2025 Operational Improvement Plan are expected to reduce SG&A dollars in 2026 compared to 2025 1 We have not reconciled forward-looking Adjusted EBITDA to its most directly comparable GAAP measure, net income (loss), in reliance on the unreasonable efforts exception provided under Item 10(e)(1)(i)(B) of Regulation S-K. We cannot predict with reasonable certainty the ultimate outcome of certain components of such reconciliation, including market-related assumptions that are not within our control, or others that may arise, without unreasonable effort. For these reasons, we are unable to assess the probable significance of the unavailable information, which could materially impact the amount of future net income (loss). See "Non-GAAP Financial Measures" for additional important information regarding Adjusted EBITDA.
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Appendix
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FINANCIAL HIGHLIGHTS 19 1 Refer to slide 25 for a reconciliation of ”Adjusted EBITDA”
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CONSOLIDATED INCOME STATEMENTS 20
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21 CONSOLIDATED BALANCE SHEETS
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CONSOLIDATED STATEMENTS OF CASH FLOWS 22
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KEY OPERATIONAL METRICS 23
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2026 OUTLOOK 24
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RECONCILIATION OF NET LOSS TO ADJUSTED EBITDA 25
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26 RECONCILIATION OF OTHER GAAP TO NON-GAAP MEASURES
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RECONCILIATION OF NET CASH PROVIDED BY (USED IN) OPERATING ACTIVITIES TO FREE CASH FLOW 27
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RECONCILIATION OF NET LEVERAGE RATIO 28